Forex: Naira sustains loss despite CBN intervention

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[Abuja]–The Naira on Tuesday sustained its loss against the dollar at the parallel market despite the intervention of Central Bank of Nigeria at both the interbank market and Bureau De Change window.

The naira on Tuesday afternoon exchange between N405 (buying rate) and N410 selling rate at the parallel market.

NAN reports that it was weaker than N405 traded on Monday.

Also, the Pound Sterling and the Euro closed at N490 and N430 respectively.

At the BDC window, the Naira was sold at N362 to a dollar, while the Pound Sterling and the Euro traded at N500 and N428 respectively.

Trading at the interbank market saw the Naira closed at N306.20 to the dollar.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, decried the movement of illicit funds across the nation’s borders.

Gwadabe said that the BDCs were ready to cooperate with the CBN to see rates convergence at the market.

He urged security operatives to be on the lookout for the movement of “hot money’’ across the nation’s borders.




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